PHStocks Week in Review: New Level

Manila—(PHStocks)—Philippine stocks edged higher this week, amid continuing strong fundamentals and optimism in the country’s economic outlook. For one, the International Monetary Fund (IMF) recently raised its 2013 growth forecast for the Philippines on the back of consumer spending, rising domestic investments and public spending; driving the mainboard Philippine Stock Exchange index (PSEi) to a new high of 6,167.64 – up 0.82% from Thursday’s close, and slightly higher by 0.46% from last week.

Despite two days of consecutive declines again in line with profit taking, the PSEi, which went down to 6,092.53 on Wednesday, regained its foothold at the 6,100-point mark on Thursday, and continued its growth on Friday, cementing its position in that level, and as technical analysts might say, making it the new “support” level.

This is a good sign for the year, and a pretty strong opening so far. There are still four more days of trading left for the month of January – and wishful thinking or not, the local bourse may just make a new history by reaching 6,200 by the end of the month. We’ll see how it goes. If it so happened, this would probably be the best ever growth for Philippine stocks. If not, February’s just around the corner.

On a sectoral basis, the Financials index performed pretty well this week, gaining 3.37% from last week. The Mining and Oil and Holding Firms sectors, meanwhile, went down by 1.56% and 0.53%, respectively.

The top 30 gainers for the week are below:

The top losers for the week are as follows:

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